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I have been stuck on these for the last couple of hours Required information [The following information applies to the questions displayed below. Lakel Company
I have been stuck on these for the last couple of hours
Required information [The following information applies to the questions displayed below. Lakel Company repoited the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. required: issume the penodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) pecific identification, (D) weighted average, (C) FIFO, and (C) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory cor are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Requlred information [The following information applies to the questions displayed below] Laker company repoited the following January purchases and sales data for its only product. For specific identification. ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. equlred: issume the penodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) pecific identification, (b) weighted average, (d) FIFO, and (d) LIFO. Complete this question by entering vour answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Requlred information [The following information applies to the questions displayed below] Laker Company repoited the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Required: Assume the penodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) ipecific identification, (D) weighted average, (C) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. [The following information applles to the questions displayed below.] Laker Company repoited the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Assume the periodic inventory system is used. Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods: 2. Which method yleids the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yleld the highest gross profit? Complete this question by entering your answers in the tabs below. Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. Assume the perlodic inventory system is used. Requlred: 1. Compute gross profit for the month of January for Laker Company for the four Inventory methods. 2. Which method ylelds the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yleld the highest gross profit? Complete this question by entering your answers in the tabs below. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling. which method would yield the highest gross profitStep by Step Solution
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